Binance CEO Changpeng Zhao can only reply to his accusers that his company is a Chinese “criminal entity”.
With approximately 28.6 million members on its platform, the company is one of the largest crypto exchanges in the world.
Launched in 2017, it has been a key player in the cryptocurrency industry ever since. In 2020, Binance recorded $1 billion in revenue.
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Additionally, the company has its own tokens, including BNB and Binance USD. BNB was created on the Ethereum blockchain in 2017 and migrated to its own bespoke chain in 2019.
Binance USD, as the name suggests, is a pegged currency. This means that its value is tied to the US dollar.
Crypto Exchange accused of this and that
Binance may dominate cryptocurrency exchange activity, but it’s not without criticism. Money laundering from the United States to Japan appears to be a trade-limiting problem.
CEO Changpeng “CZ” Zhao recently responded forcefully to allegations that the company is controlled by the Chinese government.
Guangying Chen, a Chinese national and personal acquaintance of Zhao, is mentioned in the rumor that the company is under Chinese government control.
ScamBinance, a website dedicated to whistleblowing Binance, claimed that Guangying was the majority shareholder of the company at some point in its existence.
Because of this, she and her loved ones have been the target of media attention and even cyberbullying.
Binance CEO denies allegations
CZ said, “If I had understood how badly this would impact his life, I would never have asked him to perform what seemed like such a harmless gesture at the time,” CZ said of of the situation Guangying is facing. .
Given this history, China’s stance against crypto is also crucial. The government has taken a strong stance against cryptocurrency, making its use and possession illegal at all levels.
CZ has also vehemently refuted claims that his company has ties to the Chinese government or the Chinese people themselves.
He even went so far as to share some of his terrible experiences with Chinese officials, both in his personal and professional life.
From what CZ
“Right now, Binance’s biggest problem is that we have been branded a criminal organization in China, along with all other offshore exchanges. Conversely, our rivals have gone to great lengths to portray us as a “Chinese company”.
Additionally, he speculated that the fact that he and the majority of his staff might be Chinese may have been the motivation behind the attack.
Binance is a major crypto organization, but only time will tell if the claims are genuine.
Crypto total market cap at $953 billion on the weekend chart | Source: TradingView.com Featured image from Persia Digest, chart from TradingView.com
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Binance CEO Responds To Accusers Crypto Exchange Is A Chinese Company
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